Friday, June 22, 2012

BofA wants its unit 701 Back - Sues NCC

Nautilus Cove Condo has now been filed on in a Foreclosure action by the Bank of America who are attempting to take back #701 the condo that NCC recently acquired via our Foreclosure action against Jarrett.

You might recall that NCC had filed 12/12/11 for Foreclosure on the #701 Jarrett unit for unpaid association dues. The unit went through foreclosure, auction and we have just obtained a 'deed' on 6/21/12 to the unit.

Bank of America now moves to recover their unit from:
Jarrett (now gone), Unknown Tenants and Nautilus Cove Condo Assn.
(BOA took over from Countrywide and the original note on #701 was $166,426 on 2/22/07, now BOA wants the unit which we 'in theory' own)

This filing means more legal costs to us at NCC as BOA will take back the unit from us and whatever tenants we are renting to will be evicted.

At least in regard to the #701 unit this whole nonsense has proved to be a total waste of time on our part. To at least 'break even' on the matter we would have to have rented out the unit for 18 months, clearly this is unlikely.
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